Suez Canal revenue reaches highest monthly level since 2023
The Suez Canal has recorded the highest revenue worth $724 mln since the Houthi attacks on vessels in the Red Sea began in 2023, Osama Rabie, Chairman of the Suez Canal Authority (SCA), said at a panel discussion organized by the Egyptian Businessmen's Association, TASS reports.
In October, 1,490 vessels transited the canal, "with a combined net tonnage of 88 mln tons and revenues of $724 mln," he said. Compared to last October, transit revenues nearly doubled, growing by 94%, the number of vessels rose by 32%, while tonnage climbed by 86%.
The SCA chairman expressed hope that the positive momentum would continue, with most global shipping lines returning to using the Suez Canal. He also highlighted the canal’s pivotal role in ensuring the resilience of global supply chains and noted that the administration had begun developing new areas of activity, including the localization of shipbuilding and the export of vessels abroad under the Made in Egypt brand.
The armed confrontation between Saudi-backed government forces and Houthi rebels has been continuing in Yemen since August 2014.
The situation deteriorated dramatically this summer. In July, Yemen’s rebel Ansar Allah (Houthi) movement announced a maritime blockade on Saudi Arabia and attacked several of its oil tankers.
In early August, the Houthis launched an offensive in the country's southwest, taking control of the port city of Mokha and territories along the Bab al-Mandeb Strait in western Yemen on September 10-11. Government forces mounted several counterattacks near the strait in the following days.
Earlier, Qazinform News Agency reported that the Houthi advance along Yemen’s Red Sea coast had brought fighting closer to Bab el-Mandeb, the strait connecting the Red Sea with the Gulf of Aden and one of the world’s key shipping routes.